Beijing In the tariff war between China and the United States, its bilateral economic and commercial relationship that reaches an annual value of 688 thousand 300 million dollars is at stake, according to a document published by the Information Office of the Council of State of China.
It is a white paper, which highlights that cooperation between the two countries has expanded and improved since the registration began in 1979, although in recent years it has been hindered by the rise of the rise of Unilateralism and protectionism
In the United States.
The world’s greatest economy is the main destination of Chinese exports and the second largest source of its imports. American exports to China have grown up much faster
than to the rest of the world, which makes the Asian country an important market for the United States.
The document refers that bilateral trade is highly complementary, because according to Chinese customs data, the five main export categories of China to the United States were machinery and electrical equipment, mechanical devices, furniture, toys and plastics, which represented 57.2 percent of the total.
Meanwhile, imports to China from the United States included mineral fuels, mechanical devices, machinery and electrical equipment, optical instruments and devices, and oleaginous seeds, including soybeans, which represented 52.8 percent of the total.
The exchange of services between the two nations in 2023 reached a value of 66 thousand 860 million dollars, according to the United States Department of Commerce.
China’s statistics show the United States as their second largest partner in services, while US data located China as their fifth largest service export market
.
In the field of foreign capital, he points out that at the end of 2023 the United States had invested more than 98,230 million dollars in China and created 1,920 companies; Against, the Asian country invested 83 thousand 690 million dollars, and established 5 thousand 100 companies in the United States that employ more than 85 thousand people.
He stressed that at the end of December last year, China owned US Treasury bonds for 759 billion dollars, which makes it the second largest foreign creditor in the United States
after Japan.
According to estimates by the United States-China Business Council, the number of US jobs generated by exports to China was 931 thousand in 2022, which places it in third place, only behind Canada and Mexico. This figure exceeded the sum of the local jobs generated by the Asian markets of Japan and the Republic of Korea
.